$6B loss costs JPMorgan CEO half his pay

Board holds Dimon accountable while giving positive earnings report

1:25 AM,
Jan. 17, 2013

Jamie Dimon

Written by

Doug Carroll
| USA Today

JPMorgan Chase's board cut CEO Jamie Dimon's pay in half for 2012, declaring in a statement Wednesday that the chief executive bore "ultimate responsibility" for management failures leading to a $6.2 billion trading loss in its London office last year.

The episode resulted in the ouster of the bank's chief investment officer and others, including the London trader known as the "London whale," who was responsible for the bad trades.

This week, JPMorgan agreed to a settlement with federal banking regulators requiring it to tighten supervision and risk management practices whose ...